On Friday, the U.S. Labor Department announced the July unemployment rate held steady at 4.9%. The Labor Department also stated there were 255,000 new jobs created in the United States last month, easily surpassing expectations of 180,000.

While everyone is celebrating Friday's news, a number of important stories, and key profit opportunities are slipping under the radar.

Let's get to today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 8, 2016.

What's Moving the Dow Jones Industrial Average Today: The July Jobs Report

Dow Jones futures projected a 21-point increase as traders continued to trade with optimism. Friday's jobs report is the latest round of positive economic data for the U.S. economy. Despite the expectations that the S&P 500 is poised to set yet another record, it's time to be vigilant. Right now, stocks are trading too high, fueled by reckless monetary policies by central banks around the world. Money Morning Capital Wave Strategist Shah Gilani outlines how you can profit from the upcoming correction in the markets.

On Friday, this report bolstered expectations of another interest rate hike in 2016. The probability of an interest rate hike in December increased from 30% to almost 40% on Friday, according to the CME Group.

Oil prices were pushing higher as global producers clamored again for a global production freeze. According to Reuters, the recent price dip to roughly $40 per barrel has OPEC members prepared to reignite debate about a reduction in crude production in order to support crude prices. Last time this was proposed, Iran and Saudi Arabia nearly engaged in cross-border war. WTI crude was up 1.8%, while Brent crude prices gained 1.7%.

Gold prices and silver prices have been declining since the July jobs report. Given rising expectations for an interest rate hike, gold prices slipped 0.2% this morning. Meanwhile, silver prices were flat, following a 3.3% decline on Friday. Here's why silver prices were falling and where we see them heading from here in 2016.

This morning, Wal-Mart Stores Inc. (NYSE: WMT) will likely announce its planned deal to buy online retailer Jet.com for roughly $3 billion. This would be the largest deal in Wal-Mart history. The online retailer Jet.com competes with international e-commerce giant Amazon.com Inc. (Nasdaq: AMZN). Even though this is a marriage between two big giants, we have a different outlook for Wal-Mart stock. Here's why we think you should avoid WMT stock after this deal.

Now here's your list of top stocks to watch in today's market, plus today' economic calendar:

Companies to Watch in the Stock Market Today

In earnings news, shares of Allergan Plc. (NYSE: AGN) were off slightly after the company reported quarterly earnings. The firmed reported earnings per share (EPS) of $3.35 on roughly $3.7 billion in revenue. The firm also announced plans to sell its Anda drug division to international rival Teva Pharmaceutical Industries Ltd. (NYSE ADR: TEVA).

In deal news, shares of Mattress Firm Holding Corp. (Nasdaq: MFRM) surged more than 110% after the company announced plans to sell itself. The firm will sell itself to South African retail firm Steinhoff International Holdings for a deal worth $3.8 billion, including debt.

Shares of Tesla Motors Inc. (Nasdaq: TSLA) are under pressure this morning after the company announced plans to spend more cash this quarter. The technology giant said it will spend roughly one-third of its available cash – about $1.1 billion – in the third quarter.

Shares of Delta Air Lines Inc. (NYSE: DAL) were off nearly 2% this morning on news that the global aviation giant has grounded all of its flights this morning. The company is experiencing yet another computer glitch after it says it experienced a power outage last night in Atlanta.

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Today's Markets

DJIA-395.78(-1.56%)25,017.44

NASDAQ-219.39(-3.03%)7,028.48

S&P-45.54(-1.66%)2,690.73

AGN-1.35(0.86%)156.04

TEVA0.25(-1.12%)22.00

DAL0.29(0.52%)56.19

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